KUALA LUMPUR, Jan 19 — Newswav, Malaysia’s largest content aggregator, has raised RM6 million in its latest Series A funding to further strengthen its market-leader position and drive penetration in key market segments, led by OSK Ventures International Berhad (OSKVI).
Newswav CEO and co-founder Swee Wai Hoow said that with the money raised, he hopes the company would revolutionise the content industry and redefine the way Malaysians consume content.
“Content consumption patterns and preferences have transformed significantly over the past decade, and were further accelerated as the result of the pandemic.
“We see changes not just from the type of content that users are consuming, but also the amount of time they spend online, especially on their mobile devices,” he said in a statement.
Swee said that by working closely with news and content publishers, as well as independent content creators, Newswav would be able to furnish richer, more relevant and relatable content to its users, and deliver additional traffic and ad share revenue to its partners at the same time.
“We aim to be the only content aggregator platform that Malaysians will ever need,” he said while acknowledging the rising demand for local and original content from its user base.
Swee explained that part of the money raised will be used towards user acquisition, strengthening Newswav’s leadership in the content aggregation space and diversifying its revenue stream.
He added that other areas Newswav would be channelling funds include enriching its content, driving user engagement, expanding its creators’ platform, as well as scaling up its in-house ad tech capabilities.
OSKVI Executive Director Amelia Ong Yee Min said that they see tremendous opportunity in Newswav’s business model, and that it is well-positioned to not only continue its content leadership, by also establish an innovative approach towards content consumption and delivery that will pave the way for the content aggregator segment regionally.
Newswav launched its mobile application back in 2017 and is now the number one content aggregation platform in Malaysia, with close to 200 content partners.